Record-Keeping

Also known as: records, record keeping requirements

The legal duty to keep records of advice, transactions and client information for the prescribed period (generally five years).

Record-keeping obligations arise under both the FAIS Act’s General Code of Conduct and FICA. FSPs must keep records of premiums, transactions, the advice given and the basis for it, and client communications.

Under the General Code of Conduct, records must generally be kept for a period of five years. Records may be kept electronically provided they can be reproduced when required.

Good record-keeping protects both the client and the FSP, and is essential evidence when a complaint is brought to the FAIS Ombud.

Related terms

General Code of ConductThe binding code that sets out how FSPs and representatives must behave towards clients — fairness, disclosure and suitable advice.FICAThe Financial Intelligence Centre Act — anti-money-laundering law requiring client identification, record-keeping and reporting.FAIS OmbudThe independent office that resolves client complaints against FSPs informally, fairly and at no cost to the complainant.

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